Still, whatever about the motive, anything that helps to move the dial in the right direction surely should be welcomed. If it increases average disposable income that isn't being spent on servicing loan obligations that should (hopefully) become a virtuous circle where everybody in our economy benefits. If it prompts other lenders to re-act positively, so much the better.
One can only dream of getting closer to that holy grail ...Who knows, Frank might find themselves having to offer sub-2.5% mortgage rates to gain traction!
Reuters also confirms it's for new customers only
http://www.reuters.com/article/idUSL5N18657E
May 9 (Reuters) -
* KBC bank Ireland says to cut variable mortgage rates by 0.1 percent for new customers
* Cuts to all fixed rate customers; No change to variable rates for existing customers
@Sarenco either that or they may have to pull an existing advertising campaign for risk of false advertising
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